Russia’s invasion of Ukraine and the resultant sanctions have sent oil prices soaring and not even a 60-million-barrel release coordinated by IEA members could stop the rally.Chart of the Week- UK-based oil major BP (NYSE:BP) became the first company to quit its Russian operations, abandoning its 19.
75% stake-controlled Rosneft at a cost of some $25 billion, coming on the back of Russia’s intensifying invasion of Ukraine. - This was followed by several sovereign wealth funds, prime amongst them the Norwegian one with $2.8 billion…The Impossible Task Of Keeping Oil Prices Grounded
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